Mediator rejects Central States’ plan to cut Teamsters’ pensions

The U.S. Treasury has rejected the Central States Pension Fund’s bid to avoid collapse by slashing thousands of retired Teamsters’ monthly checks, many by half or more.

In the highly anticipated decision, mediator Kenneth Feinberg ruled that the pension fund’s proposal failed to meet legal standards set by a controversial 2014 law that makes cuts possible in severely underfunded plans.

The decision means more than 200,000 retired Teamsters will continue receiving their full benefit checks each month, but their pension fund remains on a path toward insolvency in a decade or less.

Read more: Kansas City Star

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